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Business News of Thursday, 28 October 2021

Source: GNA

Government must support businesses technically and financially - Chamber of Commerce

Clement Osei-Amoako is President of GNCCI

The Ghana National Chamber of Commerce and Industry (GNCCI) has called on government to work with key stakeholders to provide targeted technical, financial, and infrastructural support in building competitive Ghanaian enterprises and industries.

President of GNCCI, Clement Osei-Amoako avers that was the only way to reposition local enterprises to take advantage of AfCFTA.

Mr Osei-Amoako who was speaking at the 45th Annual General Meeting of the Chamber for the year, 2020, said via their Business Pulse monitoring, indications were that Ghanaian businesses needed targeted support to grow the local economy.

The AGM was on the theme: “Building Synergies for a Resilient Economy Post Covid-19: The Role of the Private Sector.”

He noted that Government’s response to the pandemic, in consultation with stakeholders had been exceptional and resulted in several initiatives like the provision of the stimulus package and the GhanaCARES programme but more needed to be done.

“We are optimistic that government’s recovery strategies which have mainly focused on fiscal, monetary and financial support measures as well as exchange rates and balance of payments will help improve the resilience of the Ghanaian economy and to build back better,” he said.

He said despite the challenges brought by the pandemic, and in line with its mandate of promoting and protecting commercial and industrial interests, the Chamber had adopted innovative ways of engaging its members and the business community in the year 2020 and stressed the need for more public/private sector engagement to ensure quick recovery of the economy.

Mr Patrick Numo, Chief Director, Minister of Trade and Industry, said most countries had developed their economies on the back of industrialisation, hence, Government’s introduction of the 10 points industrilisation transformation agenda.

He said the main objective of the agenda was to make Ghana the industrilisation hub of Africa, adding that, most of the component of the agenda was to address critical challenges confronting the private sector.

The Chief Director said a key component of the agenda was to facilitate access to medium and long term capital for industrial development.

He said plans were advanced by Government to establish an Automobile Industry Development Centre to provide assistance in vehicle manufacturing financing, regulation of vehicle standards to drive innovation in the manufacturing of component parts.